Social network app VoxWeb raises $1M funding

VoxWeb is a mobile-first, special purpose social network that revolves around "speaking-pictures" or voice-augmented photos.Biswarup Gooptu | ET Bureau | June 23, 2017, 10:37 IST

Mumbai-based social network startup VoxWeb has raised $1 million (Rs 6.6 crore) in its latest round of funding from an unnamed investor.

The round is the first one to be publicly announced by the three year-old company, since it closed a $350,000 seed round of funding in December 2015. It expects to use the proceeds to further improve its technology platform, and scale up its team.

VoxWeb, which was founded in 2014 by Yash Mishra, a IIT Kanpur alum, and who was formerly a research analyst with JP Morgan, is a mobile-first, special purpose social network that revolves around "speaking-pictures" or voice-augmented photos.

The social networking app claims to have about 5 lakh users, primarily from India’s five metro cities, and early adopters from 97 countries, including US, UK and Japan.

“We have developed six refreshingly new innovative features to keep VoxWeb ahead of the curve for at least next 3 years. We have half-a-dozen innovative features that are already developed, and which are in the release pipeline, to keep VoxWeb ahead of the curve for the next three years at least,” Mishra, 31, told ET.

The product has a resemblance to Snapchat, the $21 billion disappearing photo social media app, co-founded and led by Evan Spiegel, and which raised $3.4 billion in its initial public offering in March earlier this year.

The startup also counted PayU India Managing Director Jitendra Gupta as one its early backers. In 2015, ET had reported that Gupta had invested about $100,000 in the company.

However, while Gupta is no longer an investor in the company, having exited earlier in the year, he has stayed on board as an advisor.

According to Mishra, post the latest round of equity financing, the VoxWeb promoters and the founding team, continue to own about 80% of the company, along with holding 100%voting rights.

VoxWeb has also begun working with various government ministries. It partnered with the Ministry of Ayush for the International Yoga Day, which was held on earlier this week.

“Many politicians and celebrities have approached VoxWeb to get onboard, as an 11-second speaking pic or a ‘Voxie,’ is a highly effective and engaging way to reach out to young followers and social media audience,” Mishra said.